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Barnes & amp; Noble was sold to a hedge fund Elliott Advisers for $ 683 million
Getty
Be careful, I have a brief history lesson for you. It's the story of two, three, actually, bookstores, all of which sell books in different ways and each of which survives to this day.
The first, Barnes & amp; Noble dates back to 1873, when Charles M. Barnes started a book business in Wheaton, Illinois. In 1917, his son William went to New York to join G. Clifford & Nobsp; Noble.& nbsp;to establish & nbsp; Barnes & nbsp; & amp; & nbsp; Noble.
Today, Barnes & amp; Noble is a Fortune 1000 company with more than 600 stores in the United States.
In 1982, Tim Waterstone founded the Waterstones Bookstores with $ 6,000 in layoff. Waterstones was owned by WH Smith and HMV before it sold the company in 2011 to Alexander Mamut, the Russian billionaire, for only 53 million pounds as she struggled for survival.
Waterstones, the largest bookstore chain in the UK with 296 stores, needed investment, revitalization and & nbsp;the new owner installed James Daunt at the helm and he set out to transform the business. In 2018 pre-tax profits had jumped 80% to 18 million pounds sterling. It was worth more than 200 million euros. And then in June 2018, Waterstones was bought by the hedge fund Elliott Advisers.
But we are ahead of ourselves. As it is in 1990 that James Daunt founded Daunt Books in London. Today there are six Daunt Books in the capital.
And to update our story, this week's news, namely that the troubled company Barnes & amp; Noble was acquired by the owners of Waterstones, Elliott Advisers for $ 683 million – and appointed that same James Daunt to the position of general manager. The deal means Daunt will continue to serve as Waterstones' general manager while spending time in New York reviewing Barnes & Noble.
Since the opening of this bookstore at 83 Marylebone High Street, on the site & nbsp;originally built for the antique booksellers Francis Edwards in 1910,& nbsp; it was a trip for James Daunt.
Barnes & amp; Noble has been listed on the New York Stock Exchange since 1993, but the channel suffered when Amazon entered the market in 1995 and Barnes seeds were launched. The decline of Noble has been sown.
In 2014, Barnes & amp; Noble closed its New York Fifth Avenue store – which was once the world's largest bookstore – and has seen sales decline in recent years.
Last year, it recorded a loss of $ 137.7 million before tax on sales of $ 3.6 billion. Meanwhile, under Daunt's direction, Waterstones' fortune was heading in the opposite direction.
Of course, Waterstones had to face its own challenge from Amazon, & nbsp;but he returned to profit in 2016 after six years of losses. The key to this reversal? Daunt oversaw a major investment in the stores, focusing on turning into shipping sites and organizing more in-store events.
Leonardo Riggio, president of Barnes & amp; Noble said: "We are pleased to have entered into this agreement with Elliott, the owner of Waterstones, a bookseller whom I have admired over the years."
More than anything, there is a story showing how to transform the store's experience can turn the fortune of a retail business. There is never a day going by without knowing more about "in-store experience" and "experience-based" trading. And here is how a man, passionate about books, thought books should be appreciated and not just sold online.
It is also a lesson that many people would do well to learn: that stores need to be constantly maintained and refreshing, as they are the very embodiment of the brand and must constantly give customers a reason for crossing the store. threshold. It's also a very human story and for that reason, one to celebrate.
And all this is good news for Barnes & amp; Noble who can, I'm sure, be optimistic for the future.
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Barnes & Noble was sold to a hedge fund, Elliott Advisers, for $ 683 million
Getty
Be careful, I have a brief history lesson for you. It's the story of two, three, actually, bookstores, all of which sell books in different ways and each of which survives to this day.
The first, Barnes & Noble, dates back to 1873, when Charles M. Barnes started a book business in Wheaton, Illinois. In 1917, his son William went to New York to join G. Clifford Noble. establishing Barnes & Noble.
Today, Barnes & Noble is a Fortune 1000 company with more than 600 stores in the United States.
In 1982, Tim Waterstone founded the Waterstones bookstores with a severance pay of £ 6,000. Waterstones was owned by WH Smith and HMV before it sold the company in 2011 to Alexander Mamut, the Russian billionaire, for only £ 53 million as she struggled for survival.
Waterstones, the largest bookstore chain in the UK with 296 stores, needed investment, revitalization and the new owner installed James Daunt at the helm and he set out to transform the business. In 2018 pre-tax profits had jumped 80% to 18 million pounds sterling. It was worth £ 200 million. And then in June 2018, Waterstones was bought by the hedge fund Elliott Advisers.
But we are ahead of ourselves. As it is in 1990 that James Daunt founded Daunt Books in London. Today there are six Daunt Books in the capital.
And to update our story, we learn this week that Waterstones owners Elliott Advisers have acquired the troubled Barnes & Noble for $ 683 million – and appointed James Daunt as director. general. The deal means Daunt will continue to serve as Waterstones' general manager while spending time in New York reviewing Barnes & Noble.
Since the opening of this bookstore at 83 Marylebone High Street, on the site originally built for the antique booksellers Francis Edwards in 1910, It was a trip for James Daunt.
Barnes & Noble has been listed on the New York Stock Exchange since 1993, but the chain suffered from the arrival of Amazon on the market in 1995 and sowed the seeds of the Barnes & Noble fall.
In 2014, Barnes & Noble closed its New York Fifth Avenue store – which was once the world's largest bookstore – and saw sales decline in recent years.
Last year, it recorded a loss of $ 137.7 million before tax on sales of $ 3.6 billion. Meanwhile, under Daunt's direction, Waterstones' fortune was heading in the opposite direction.
Of course, Waterstones faced his own challenge from Amazon, but he returned to profit in 2016 after six years of losses. The key to this reversal? Daunt oversaw a major investment in the stores, focusing on turning into shipping sites and organizing more in-store events.
Leonardo Riggio, president of Barnes & Noble, said: "We are delighted to have entered into this agreement with Elliott, the owner of Waterstones, a bookseller I admire over the years."
More than anything, there is a story showing how to transform the store's experience can turn the fortune of a retail business. There is never a day going by without knowing more about "in-store experience" and "experience-based" trading. And here is how a man, passionate about books, thought books should be appreciated and not just sold online.
It is also a lesson that many people would do well to learn: that stores need to be constantly maintained and refreshing, as they are the very embodiment of the brand and must constantly give customers a reason for crossing the store. threshold. It's also a very human story and for that reason, one to celebrate.
And all this is good news for Barnes & Noble who can, I am sure, be optimistic for the future.
